Trowers & Hamlins advised Karbon Homes on successful charging of new development units to HSBC
Trowers & Hamlins advised Karbon Homes on successful charging of new development units to HSBC
International law firm Trowers & Hamlins has advised Karbon Homes, on the successful charging of a portfolio of newly developed housing units to HSBC, enabling the housing provider to secure new funding in support of its ongoing development programme.
Collaborating with Andrew Smith of Savills Housing Valuations Team, Trowers' instruction began as a property review and rolling charging programme, during which Karbon Homes entered into a loan agreement with HSBC and were provided with a six-month condition subsequent period to complete the charging of the relevant units. Trowers completed the work within the required timeframe.
The assets comprised entirely new units, which made the charging process more complex as not all documentation, consents and sign-offs were immediately available. The Trowers team worked to remove restrictions and coordinate with multiple third parties to secure the necessary certificates and approvals for charging.
The completed charging supports Karbon Homes’ wider development ambitions by unlocking essential new funding from HSBC.
Julie McHale, Head of Treasury & Business planning, at Karbon Homes, added,
"We would like to thank the team at Trowers & Hamlins for their help in navigating this project. The team worked closely with our treasury and development teamsto get some tricky schemes ready for charge and to allow this charging programme to go ahead. Completing this project allows us to continue delivering our strategy and providing quality homes."
Lauren Mason-Smith, Senior Associate in Trowers & Hamlins' Real Estate Finance team said,
"We are pleased to have worked with Karbon Homes to complete this charging to HSBC. Delivering on a tight timescale, the funding from HSBC can now be used to support Karbon's ongoing development programme and we look forward to working with Karbon on future projects."
The Trowers & Hamlins team led by Lauren Mason Smith (Senior Associate), and Hannah Jackson (Partner), with support from Tessa Pang-Walsh (Senior Associate), Victoria Dennell (Associate). Eleanor James (Partner), in the Banking and Finance team led on the banking matter which completed in April.
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